Ground Floor Medical Office
For Sale
$535,000
102-2202 State Ave, Panama City, FL 32401
Ground floor medical office within a medical complex, offering direct access to the hospital via a connected corridor.
Property Size1,448 SF
Price / SF$369.48
Days on Market649
Property Features for 102-2202 State Ave
General Information
Standard status
Active
Size
1,448 SF
Amenities
direct access to hospital via connected corridor
newly renovated common areas
Listing Agency:
Centergate Realty LLC
(850) 764-3480
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Exprealty
Added: Jan 16, 2025
Changed: Oct 25
Last Checked: Oct 26 at 5:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Centergate Realty LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This ground floor medical office suite offers medical-focused space within a medical complex on the Gulf Coast Medical Center Campus. The unit is approximately 1,448 square feet, and the repairs have been completed. Common areas have also been newly renovated.
The suite provides direct access to the hospital through a connected corridor, designed for convenient patient and staff flow between the office and the campus.
The property is presented for sale with sizes identified as approximate and buyers are encouraged to measure if size is important.
The suite provides direct access to the hospital through a connected corridor, designed for convenient patient and staff flow between the office and the campus.
The property is presented for sale with sizes identified as approximate and buyers are encouraged to measure if size is important.
Key Highlights
- Ground‑floor medical office within a medical complex on the Gulf Coast Medical Center Campus
- 1,448 sq. ft. medical office with direct access to the hospital via a connected corridor
- Repairs have been completed, and common areas are newly renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,347
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$486,940
$486.9K
Cap Rate 7%
$347,814
$347.8K
Cap Rate 9%
$270,522
$270.5K
Market Conditions
NOI Build-Up for 1,448 SF
Gross rent
$40.8K $28.20/SF
− Vacancy
−$8.4K −$5.78/SF
EGI
$32.5K $22.42/SF
− OpEx
−$8.1K −$5.60/SF
NOI
$24.3K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$486,940
Cap Rate 7%
$347,814
Cap Rate 9%
$270,522
Alternative Uses
Best Use
Office B
$347.8K
$304.3K – $405.8K
NOI $24,347 @ 7.0% cap · market cap 4.55%
Second Best
Healthcare Medical
$289.3K
$253.1K – $337.5K
NOI $20,248 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$421.9K
$369.2K – $492.2K
NOI $29,533 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,471
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor medical office within a medical complex, offering direct access to the hospital via a connected corridor.
Where is this medical office space located?
The property is located at 102-2202 State Ave Panama City, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Ground‑floor medical office within a medical complex on the Gulf Coast Medical Center Campus; 1,448 sq. ft. medical office with direct access to the hospital via a connected corridor; Repairs have been completed, and common areas are newly renovated
